This is our October 2020 Santa Clara County probate sales activity report. The data consists of properties sold in probate and homes sold in trusts. There were no conservatorship sales in the month of October. This report is presented by Certified Probate Real Estate Specialist, Kathleen Daniels, Broker-Owner of NeedProbateHelp which provides probate real estate services.
This report is comprised of statistical data from October 1, 2020, through October 31, 2020, extracted from MLS Listings “MLS” as of November 1, 2020.
The data includes single-family homes, condominiums, and townhouses and may not include “off-market” sales. An “off-market” sale is when the property is sold without listing on the Multiple Listing Service.
Santa Clara County Probate Real Estate Sales Activity | October 2020
The breakdown of the market sales activity as of October 1, 2020, is as follows:
- There were 3 homes listed Active
- 2 single-family homes
- 1 condominium
- 2 probate properties
- 1 trust property
Two of the active listings require court confirmation and subject to overbid. One property is being sold by the Santa Clara County Public Guardians Office.
- There were 14 pending sales (under contract)
- 11 single-family homes
- 2 condominiums
- 1 townhome
- 13 probate properties
- 1 trust property
- There were 5 homes sold
- 4 single-family homes
- 1 condominium
- 4 probate sales
- 1 trust sale
DISCLAIMER: All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The Impact of COVID-19 on probate real estate continues to deepen. Court closure followed by state budget cuts is certainly creating even longer wait times for hearings.
The limited court staff continues to look for ways to move the cases through the court faster.
Letters Testamentary or Letters of Administration must be issued before an executor or administrator can hire a certified probate real estate specialist to list a home for sale. The backlog is causing extreme delays in getting a hearing date to administer an estate. As the cases are heard we should start to see increased activity in selling probate real estate.
Highest Priced Home Sold
The highest-priced home sold was a single-family home located in Sunnyvale 94087. It has 3 bedrooms, 2 bathrooms, 1,338 square feet of living space on an 8,217 square-foot lot. It listed for sale on August 20, 2020. The list price was $1,799,000. The sale was reported pending on September 1, 2020. Escrow closed on October 2, 2020. The final sales price reported was $2,135,000, $336,000 above the list price. The successor trustee of a family trust sold this property. The buyer had conventional financing.
Lowest Priced Home Sold
The lowest-priced home sold was a condominium located in the Alum Rock area of San Jose 95116. It is a 1 bedroom, 1 bathroom, with approximately 456 square feet of living space. The condo is 37 years old.
The condo listed on August 16, 2020. List price $365,999. The MLS reported the sale under contract on August 25, 2020. On October 2, 2020, it was reported sold. The final sales price reported was $352,900 representing, $13,500 less than the list price. The buyer had conventional financing.
Probate Real Estate Sale Compensation
Probate real estate agent compensation is offered in the Multiple Listing Service and paid by the seller to the selling broker. Compensation may be subject to court approval.
The process for an executor or administrator selling a probate property in Santa Clara County starts with the attorney filing a petition for probate following Santa Clara Superior Court Local Rules. The process is administered by the Santa Clara County Superior Court, Probate Division, Department 13.
At the hearing, the petitioner asks for authority from the court to administer the estate. The authority granted by the court depends upon if the person died with a Will, or Intestate without a Will, and if Full Authority is granted under the Independent Administration of Estates Act or IAEA. If full authority is granted we typically have a probate sale without court confirmation.
Having the full authority to act does not mean that the process is easy or can be accomplished quickly. Read our page How long does probate take in California to learn more about the time frame. Adding to the typical process and timeframe for probate we continue to face delays due to COVID-19.
There are reasons the probate judge may not grant full authority. There are also cases that proceed with the California probate sale overbid process.
We are receiving an increasing number of calls from people who need to sell a home in probate and family trusts. The calls are from people all over the state of California. While our service area is in Santa Clara County, we are networked with real estate professionals throughout the state and refer people to get the help they need.
Leo B. Siegel, real estate attorney discusses what needs to be done to get people living in the inherited home out so the home can be sold.
The eviction process is complex and best handled by a real estate attorney well versed in these matters.
We are real estate specialists in probate real estate sales. That means selling probate properties, trust homes, and property under conservatorship. Over the years we have helped many executors and successor trustees sell homes.
Understanding the challenges people face, we know a higher level of service is needed when representing an estate. That is why we focus on high-touch service versus a high volume of sales.
Experience does make a difference. Kathleen Daniels, Broker, CPRES, has extensive probate Realtor training. The core of her business is probate real estate sales.
The number of clients we work with are limited to ensure we can provide all clients with the highest level of representation. Working with out-of-state and out of area clients requires more time.
We track probate property sales in Santa Clara County probate court because it is important that we keep current keeping our fingers on the pulse of the Santa Clara County Probate market.
When you need help, call Certified Probate Real Estate Agent, Kathleen Daniels at 408-972-1822, or contact us and request a consultation.